📈💥 Bitcoin price analysis: Bulls broke stops above 28404 – October 3, 2023
Bitcoin (BTC/USD) continued to gain positive momentum at the start of the Asian session, reaching its highest level since mid-August, rising to around 28415.49. During the rally, stop orders were activated at various levels, including 27432, 27567, 27620, 27806, 27941, 28029, 28234 and 28404.
🚀 Additional upside targets include 28769, 29151 and 29964. Technical resistance and potential sell levels include 28614, 28769, 28934, 29228, 29665, 29964, 30053 and 30222. Stops are listed above 30178 and 31862.
📉 As the rally continues, technical support and potential demand levels include 27649, 27538, 27241, 27124, 26944, 26699, 26577, 26522, 26274, 25749, and 25670. Below the market, stop orders are accumulating at several downside price levels, including 24155. 23270, 23204, 23164, 22949, 22028, 21496, 21242 and 20702.
📊 Three significant technical levels that technicians are paying attention to include 29514, 23438 and 20195 - these are levels associated with selling pressure around 69000, 59249 and 52100. Traders also notice that the 50-period moving average (4-hour chart) currently indicating a bullish trend above the 100-bar and 200-bar MAs (4-hour chart). Additionally, the 50-period moving average (hourly) is also bullish and above the 100-period and 200-period moving averages (hourly).
💰 Price activity is closest to the 50-period moving average (4-hourly) at 26763.17 and the 50-period moving average (hourly) at 27433.29.
📊 Technical support expected at 24440.41 / 23270.10 / 22769.39 with stops expected below. Technical resistance is expected at 31986.16 / 32989.19 / 34658.69 with stops expected above.
📉 On the 4-hour chart, SlowK is below SlowD, which could be a bearish signal, while MACD is above MACDAverage, which is a bullish signal.
📉 On the hourly chart, SlowK is above SlowD and MACD is also above MACDAverage, indicating a bullish trend.
The situation on the Bitcoin cryptocurrency market continues to remain dynamic and interesting for investors and traders. Stay tuned for changes! 🔍📈📉
